Oil gains over 2% but posts seventh weekly decline

Brent crude futures settled at US$75.84 a barrel, up US$1.79, or 2.4%, while US West Texas Intermediate crude futures settled at US$71.23, up US$1.89, or 2.7%.

SINGAPORE: Oil prices rose more than 2% on Friday after US data supported expectations of demand growth, but both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns.

Brent crude futures settled at US$75.84 a barrel, up US$1.79, or 2.4%, while US West Texas Intermediate crude futures settled at US$71.23, up US$1.89, or 2.7%.